This week's research focus: Comments on the data of the staff of small household appliance business in January
On the whole, the promotion activities before the Spring Festival have less obvious pulling effect on small household appliances, but some boom tracks still maintain a high view in the off-season. In terms of categories, the growth rate of small kitchen appliances decreased in January, the performance of traditional rigid demand categories was better than that of emerging categories, and the growth rate of air fryers in all categories was brilliant; Although clean electrical appliances are in the off-season of consumption, the overall growth trend and prosperity can be maintained month on month; The performance of personal care and massage categories is relatively stable, and the growth rate of razors and other categories is prominent.
Category end: the growth rate of small kitchen appliances fell slightly, and the chain comparison of clean appliances was basically the same
Small kitchen appliances: in January, the overall growth rate of small kitchen appliances fell slightly, and the fluctuation of emerging categories was greater than that of just needed categories. For example, the growth rate of just needed categories such as electric rice cooker and electric pressure cooker is lower than that of emerging categories such as multi-functional cooking pot. Among the emerging categories, the growth rate of other major categories shows a continuous downward trend except for the hot air fryer category. Clean appliances: the growth rate of sales in the off-season was flat month on month, and the boom continued month on month. Among them, the growth rate of categories such as floor sweepers and vacuum cleaners is basically the same as that in December, and the mite remover has dropped, while the growth rate of floor washers has slowed down due to the gradual rise of the base. From the absolute value of the trading index, it is also basically the same as that in December of 21. Personal massage: the growth rate of massage chairs fell slightly higher than that of traditional categories such as razors, while the growth rate of massage equipment categories dominated by massage small electricity remained relatively stable.
Brand side: the brand trend is consistent with the category trend
Small kitchen appliances: the brand trend is consistent with the category trend, and the emerging high growth category is not enough to drive the overall growth of the brand. We believe that in the past 21 years, the overall performance of the demand for small kitchen appliances has been relatively weak due to the early and large-scale growth brought by the early epidemic. In January of the 22nd year, the Spring Festival holiday has not significantly boosted the sales of small household appliances, and the growth rate of all small kitchen appliances brands, except Beiding, fell month on month. In terms of brands, the growth rate of Zhejiang Supor Co.Ltd(002032) mainly for rigid demand categories is relatively stable; Jiuyang's overall growth rate declined due to the continuous decline in the growth rate of categories such as wall breaking machines, but new categories such as air fryers performed well; However, the growth rate of emerging kitchen small electric brands such as Xiaoxiong and Mofei has continued to slow down due to the continuous slowdown of the growth rate of major emerging kitchen small electric products. Some new products such as air fryer and fruit and vegetable disinfector have performed well, but they are still not enough to drive the overall growth rate of the brand. Clean appliances: the growth rate of sales in the off-season fell slightly, and the growth trend of various brands continued. On the whole, due to the impact of factors such as the year-end promotion season and the new products have not been released in 22 years, January is the off-season for the sales of clean appliances, which may partly explain the month on month slowdown of categories. In terms of brands, the growth trend of each brand continues: Ecovacs Robotics Co.Ltd(603486) sweeping Siasun Robot&Automation Co.Ltd(300024) the overall growth rate remains relatively stable; Due to the gradual increase of the base, the growth rate of the land washing machine tends to be normal. From the absolute value of the month on month transaction amount, the degree of heat continues; Due to the introduction of new self-cleaning floor sweeper G10 and floor washer U10 in the past 21 years and the superposition of low base effect, the transaction amount of stone in January increased significantly compared with that in the beginning of 21 years; Growth rate table of Lake Jimmy mite remover
Due to the low growth base, the current sales performance is good.
Personal care massage: the growth rate is steady, and the performance of razors and other categories is outstanding. In terms of brands, the growth rate of Feike razor category has been good since December, while the growth rate of hair dryer, hair ball trimmer and other categories is under pressure; The increase of Shenzhen Breo Technology Co.Ltd(688793) transaction amount continued the downward trend in the previous period; The growth rate of Rongtai, Xiamen Comfort Science & Technology Group Co.Ltd(002614) and other main categories of massage chairs slowed down, but the growth rate of massage equipment and other categories was faster.
Trend of household appliance sector this week: this week, the CSI 300 index was 0.82%, the gem index was - 5.59%, the SME board index was - 1.19%, and the household appliance sector was 1.29%. In terms of segments, white electricity, black electricity and small household appliances rose or fell by 1.59%, - 0.18% and 1.71% respectively. Among the stocks, the top five gainers this week are Yimikang Tech.Group.Co.Ltd(300249) , Canature Health Technology Group Co.Ltd(300272) , Hyunion Holding Co.Ltd(002537) , Aucma Co.Ltd(600336) , St Yichang; The top five declines this week are Beijing Roborock Technology Co.Ltd(688169) , Skyworth Group, Zhejiang Goldensea Hi-Tech Co.Ltd(603311) , Jiawei Renewable Energy Co.Ltd(300317) , Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) .
Investment suggestions: at the current time point, we recommend the core targets of the company: [ Gree Electric Appliances Inc.Of Zhuhai(000651) ], [ Hangzhou Robam Appliances Co.Ltd(002508) ], [ Midea Group Co.Ltd(000333) ], [ Haier Smart Home Co.Ltd(600690) ], [ Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) ], and we suggest paying attention to [ Marssenger Kitchenware Co.Ltd(300894) ]; Core targets of cleaning appliances: [ Beijing Roborock Technology Co.Ltd(688169) ], [ Ecovacs Robotics Co.Ltd(603486) ], [ Jinhua Chunguang Technology Co.Ltd(603657) ].
Risk tip: the expansion of the epidemic situation, the risk of fluctuations in the real estate market, exchange rate and raw material prices, etc.
